Trade setup for Monday 29 May 2023– Good morning and welcome to the morning reports, the top things to know before the stock market opens and ahead of Trade Setup today.
Asian stock markets are mostly trading higher on Monday after US President Joe Biden and his Republican opponents announced on Sunday that they have agreed in principle to raise the US debt ceiling and avert a default. The key Asian stock market index, Nikkei is trading higher by 1.53 percent at 6.20 am, while Hang Seng is set to open lower on Monday after a long weekend. Kopsi is not trading today due to a holiday.
SGX Nifty is trading higher by 84 points or 0.46 percent at 18632 levels. The indication getting from the Asian and US markets are positive. Indian stock market indexes are likely to open higher and will trade above their flatlines today.
U.S. Stock Market Indexes update
The US stock markets advanced on Friday, as optimism grew that the negotiation of the US debt ceiling deal is in a final and crucial stage. The second consecutive rally in tech stocks also lifted the market mood on Friday.
However, the upside remained capped as the latest economic data released on Friday showed that the US monthly personal spending rose by 0.8% in April almost double the estimates while the core personal consumption expenditures (PCE) price index rose by 0.4% in April, slightly higher than the expectation.
The key US stock market indexes, Dow Jones and S&P 500 gained by 1 percent and 1.30 percent respectively while tech-heavy Nasdaq was up by 2.19 percent on Friday. The US stock markets will remain closed on Monday on account of Memorial Day.
European Stock Market Indexes Updates
European stock market indexes ended higher on Friday due to optimism about the US debt ceiling talks. All sectoral indices ended in a positive zone led by technology and followed by mining stocks. Tech stocks rallied for the second consecutive day after US chipmaker Nvidia posted strong quarterly earnings on Thursday, while Dutch chipmaker ASML ended 5% higher.
The fresh data showed that UK retail sales rose 0.5% in April, following a fall in March. The pan- European Stoxx 600 index gained 1.15 percent higher on Friday. The key European stock market indexes caC and DAX gained 1.23 percent and 1.19 percent respectively while FTSE was up by 0.74 percent.
Indian Stock Market Indexes
Indian stock markets ended higher for the second straight session on Friday. The domestic markets gained as the session progressed on the back of buying across the sectors and heavyweight index stock Reliance Industries.
The market breadth was on the positive side with the advance decline indicating a ratio of 2:1 at the close.FIIs and DIIs were net buyers, FIIs bought shares worth Rs 350.15 crore while DIIs purchased Rs 1840.98 crore on Friday.
Q4 Results Today
Ipca Laboratories, Indian Railway Catering and Tourism Corporation, Adani Transmission, Allcargo Logistics, Hikal, ITI, Jubilant Pharmova, KNR Constructions, Natco Pharma, NBCC (India), NHPC, The New India Assurance Company, Rail Vikas Nigam, Shriram Properties, Sobha, Speciality Restaurants, TCNS Clothing, Torrent Power, Ansal Housing, Bajaj Hindusthan Sugar, Campus Activewear, Force Motors, HeidelbergCement India, Vadilal Industries, Vijaya Diagnostic Centre, and Zee Media Corporation will announce their quarterly earnings on 29 May 2023
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